SAFE Act Policy Manual

Full Table of Contents:

Section 1 – Introduction

1.1 Goals & Objectives
1.2 Applicability
1.2.1 Employer/Institution
1.2.2 Employee/MLO
1.2.3 De minimis exception(s)
1.3 Required Review

Section 2 – Nationwide Mortgage Licensing System (NMLS) and Registry

2.1 When the NMLS should be used
2.2 Registration vs. License
2.3 The One Record Concept
2.4 Real Time System
2.5 Licensee/Registrant Responsibility
2.6 Jurisdiction Specific Requirements
2.7 Creation of a Company Record
2.8 Filing Date vs. Effective Date
2.9 Publically Available Information

Section 3 – Accountability and Monitoring

3.1 Registration / Licensure
3.2 Record Keeping
3.3 Internal Controls
3.4 Criminal History / Background Checks / Fingerprints
3.5 Discipline
3.6 Unique Identifier

Section 4 – Staff and Training

4.1 Pre-Licensing Education (PE) Required
4.2 Continuing Education (CE) Required
4.3 Registration Assistance or Support

Section 5 – About the Law

5.1 State Licensing
5.1.1 Jurisdictional Variances
5.2 Agency Regulated Institutions
5.2.1 Department of the Treasury – OCC
5.2.2 Federal Reserve System
5.2.3 Federal Deposit Insurance Corporation
5.2.4 Department of the Treasury – OTS
5.2.5 Farm Credit Administration
5.2.6 National Credit Union Administration

Section 6 – Secondary Market Implications

6.1 FNMA
6.2 FHLMC
6.3 HUD
6.4 VA

Section 7 – Appendix

7.1 State Licensed Mortgage Loan Originator (MLO) Requirements
7.2 Examples of Mortgage Loan Originators
7.3 Glossary of NMLS Terms
7.4 Glossary of SAFE Act Terms
7.5 Form MU1
7.6 Form MU2
7.7 Form MU3
7.8 Form MU4